TrueLayer — Open Banking

TrueLayer — Open Banking logo

TrueLayer drives instant payments and bank verification with open banking. Connecting over 2,500 European banks, it enables secure deposits and withdrawals in seconds, enhancing conversion, compliance, and player experience in modern iGaming.

TrueLayer, a UK-based payments provider, specializes in open banking solutions for the iGaming sector. Established in 2016 and headquartered in London, the company operates under licenses from the FCA and the Central Bank of Ireland. Its core offering facilitates instant payments and bank verification, connecting to over 2,500 European banks. This infrastructure is designed to streamline deposits and withdrawals, aiming to enhance conversion rates, compliance, and the overall player experience within online gaming environments. The provider's focus extends to addressing common operational challenges in the iGaming industry, such as protracted transaction times and complex verification processes. By leveraging open banking technology, TrueLayer seeks to reduce the friction associated with traditional payment methods, offering a more direct and secure conduit between players' bank accounts and gaming platforms. This approach is positioned as a means to improve the efficiency of financial flows while maintaining regulatory adherence. In a market increasingly moving towards digitized financial interactions, TrueLayer's open banking framework provides a distinct alternative to conventional payment gateways. Its direct integration with numerous European banking institutions is intended to offer a high degree of connectivity, enabling real-time transactions that benefit both operators and end-users. The emphasis on instant processing and robust verification mechanisms underscores a commitment to operational integrity within the regulated iGaming landscape.
TrueLayer - Technical Sheet
Founded2016
HQLondres, Reino Unido
CountryReino Unido
LicensesFCA, Banco Central de Irlanda
Webhttps://www.truelayer.com

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Frequently Asked Questions

What bank coverage does TrueLayer have in Spain and how many banks are connected to its open banking network for iGaming?
TrueLayer boasts one of the broadest coverages in Spain, connecting with the country's main banks. Its open banking network includes entities such as BBVA, Santander, CaixaBank, Sabadell, Bankia (integrated into CaixaBank), ING, Kutxabank, and Unicaja, among others. This extensive integration allows iGaming users to make direct and secure transactions from their bank accounts, leveraging the PSD2 payment infrastructure. The exact number of connected banks fluctuates slightly but consistently exceeds twenty, covering the vast majority of the Spanish banking market.
When was TrueLayer founded, who founded it, and how did it become a leader in open banking payment infrastructure in Europe?
TrueLayer was founded in 2016 by Francesco Simoneschi and Luca Martinetti. Their vision was to create an open banking infrastructure that would facilitate the secure connection between financial applications and banks, leveraging the European PSD2 directive. From its inception, the company focused on technological innovation and security, which allowed it to expand rapidly. It became a benchmark by offering robust solutions for instant payments, identity verification, and data aggregation, transforming how consumers interact with their finances and how businesses manage transactions across various sectors, including iGaming.
How long does a deposit processed with TrueLayer take at an online casino, and what happens if the player's bank is not connected?
A deposit processed with TrueLayer at an online casino is instant. Open banking technology enables direct and secure communication between the player's bank and the casino, resulting in real-time fund crediting. This eliminates the waiting times associated with traditional methods. If the player's bank is not connected to the TrueLayer network, the player will not be able to use this specific payment method. In such a case, the casino will offer other available deposit alternatives, such as credit/debit cards, e-wallets, or traditional bank transfers.
How TrueLayer's identity verification system uses bank data to confirm account ownership?
TrueLayer's identity verification system works by leveraging user bank data through open banking APIs. When a player initiates a verification process, TrueLayer requests their consent to access specific bank account information, such as full name, address, and date of birth. This information is then cross-referenced with the data provided to the casino. Since the data is directly extracted from a verified banking source, it ensures high reliability in confirming account ownership, efficiently and securely complying with KYC and AML regulations without the need to upload additional documents.
Why TrueLayer instant casino payments are replacing Trustly in several regulated European markets?
TrueLayer instant casino payments are gaining traction and replacing Trustly in several regulated European markets due to their advanced open banking technology and focus on the PSD2 directive. TrueLayer offers a native API infrastructure that allows for greater customisation and direct integration with banking systems, which often translates into increased stability and speed. Furthermore, its business model and the operational efficiencies it provides, coupled with its robust identity verification capabilities, position it as an attractive and competitive alternative, especially valued by operators looking to optimise their payment processes and regulatory compliance.